Hi all; today ill be guiding you on how to make side income.
As you know; the economy we have today isn’t so great and many are afraid that what they earn from work is no longer enough. I wouldn’t say this is only for Malaysian; but i think its a worldwide problem.
Now obviously; the best place to start ‘earning’ is by reducing spending. This means that your active income; whatever you are getting from your job; should be managed well. Reducing your debts is the fastest way to ‘earn’.
I shouldn’t need to tell you this; but if you cant manage your Rm 3000 salary; there is no way you can manage a RM 30’000 salary or a RM 300’000 salary. Figure out a way to manage what you have right now so that whatever you get after that (the extra earnings); will go straight to your other income fund (investment).
Now if you have already tried to save; and still cant; due to rising cost of living (its not only happening in Malaysia but worldwide so stop blaming the country); then the next thing you can do is to earn more income.
A lot of people have this thing that in order to make extra income; one will need to quit and start a business. Well you don’t! You really don’t! At least not in this internet age. Coz thats how i started my second income stream.
So back in the days; in 2007 (when fb was just starting and when most malaysian had friendster) i started my nail polish business. This is while i was doing my houseman-ship and my on calls as pharmacist (i was in sarawak and due to lack of staff; we used to work all the time).
So what i did back then was to create a website; share it to friends and family in facebook/friendster; and took preorder for those who wanted to purchase those nail polish. After sometime; when i knew what sold (i had like 300++ sku) i started keeping stocks; and thats how my nail polish business grew.
Again; i only put very minimal amount of money initially (less than RM 1000 that i got from my savings) into this business; and at the end; the income that came in after few years was way more than my salary as a pharmacist; and could also partially fund our wedding and house.
In terms of time spend; because i used the internet; initially it took all my weekends and after working hours (because i was trying to learn internet sales at the same time), but after sometime (mayb 6-8 months later), it was lesser as i learned how to systemize it. (This is something you will figure out when you get more into your business. Its not something someone can teach).
About 3 years after the business started; i only spend an hour in it a day; which gave me roughly rm 10-25k a month. Now this is another income stream after my active income.
From there; since I’m naturally thrifty; i could save all the money from this nail polish business income & some of my active income to start another income stream.
And thats the cycle I’ve been using till today; resulting in 6 income stream (and hopefully by end of this year 8).
I earn in multiple currencies. Mostly in Malaysian Ringgit (my active incomes) but the rest i had diversified to different more stable currencies like SGD, HKD and USD. The reason i do that is because i love my country too much (malaysia) to be moving out/migrate (like what most people around me advice to do or did. No way! Love malaysia too much for that!). But unfortunately though; i don’t want to rely on the country too much because of the instability that we have (in terms of currency value) and so because of that; i had diversified to earn in different currencies.
Im not going to discuss this too much here as this is done only after you have multiple stream of income in Malaysia itself (second income, real estate, stocks, asb/asn etc) if you have done all of these and want to learn more; i have started a new blog talking about my personal financial journey (its ongoing, i just started). Click here (www.Dear-aa.com)
So anyways; lets just start assuming you have an active income from your job. You have tried saving and cutting your expenses but you cant seem to make ends meet. What do you do?
You start a side income.
There are two ways you can start; its either you sell your service (ie your time), or you sell a product. I always prefer starting with product because your time wont be ‘capped’. It doesn’t matter you sell 1 product or 100 product; the time spend to sell it is still the same. (heres a post i wrote about product vs service before and why i prefer one more than another)
So when it comes to product; in Malaysia; the easiest to sell is food, or cosmetics (skincare/ bodycare/ haircare).
Now if you are good in cooking; go with food. But personally; im terrible in cooking; and so i went with cosmetics. For cosmetics; you can either become a reseller, or you can create your own.
Personally; creating your own is a better choice.
Why? Because you have control over your brand. And the profit margin is higher.
When i was selling nail polish; i was busy selling other people’s brand. And i was making their brand more ‘famous’. Unfortunately; one fine day; one increase the price of their product; resulting in me cant sell anymore at the usual price and i had to increase my price too. This ended up me losing most of my customers. Then another second brand; they were good but because their marketing sucks; nobody knew much of that brand; resulting in them closing down, again making me lose more customers.
So as a 7 year old profitable business; i had to close it down because the ‘partners’ i was reselling for changed their policies.
Hence the reason i don like to do drop-shipping or find reseller for SoapLab.
As a business owner; its awesome for me if people spend their time ‘marketing’ and selling my brand. Ill be famous, and rich without needing to do much ‘work’. But i don’t want to be the reason their business falls if or when i decide to quit (what if something happens to me then what happens to them and their kids) and so because of that; i would advice you to do your own brand.
Don’t believe? See your social media and the people selling other people’s brand. Every year they spend time introducing a brand and year end they are changing brands and selling different things because something happened to the brand they sold before. Seriously; aren’t they tired?? Imagine if they spend more time developing their brand!
They will be spending the same amount of time convincing people to ‘buy’. Why do it for other people? Do it for yourself! It may take some time to see the outcome; but when it does happen; it will make sure that it will give you a more stable sustainable way of making income.
Got it?
Got it?
So; lets say you decided to sell cosmetics. That way; you have two ways to go about it. Its either you get a manufacturer to manufacture for you (and that will cost a bomb because you need to order at least 1000++ pcs), or you DIY and make it yourself (maybe 10pcs).
If you decide to DIY; we have all the recipes that you can follow here. All tested and formulated by me; a pharmacist. Or alternatively you can also join classes to learn how to formulate your own unique recipe. SoapLab have been doing this for a long time.
But this year; SoapLab also started Fresshhh. Fresshhh is a new program where soaplab makes new products every week. The members have 3 days to place order and usually the next week; we will produce it and send it to the customers.
Initially the reason why we did this was because we had many enquiries for readymade product and since we mostly only sell raw material; it was impossible for us to create readymade product for all the recipes we had (more than 400+). So instead; we decided to choose one recipe a week and create a product from it. After that; we don’t create the same product again. if anyone wanted; it was either to DIY or OEM (we manufacture)
After that though; we realized that many wanted to sample a product first before committing to DIY/ OEM (we manufacture). And this is where i got an idea where OMG! This is a way one can start second stream of income on top of their job!
Since Fresshhh comes up with new product every week; you could purchase it and relabel it with your brand to resell. There are two ways to go about it.
**NEW!! You can now become Fresshhh's Reseller! Earn 16.6% Every time you sell one! Click Here
Buy In Bulk & Sell
One of the way you could do this is by purchasing Fresshhh in bulk. Get 5pcs or 10pcs; stick your own label, and sell under your brand.
If lets say after that you have a demand for the product; you could either DIY (since we offer free recipe for these product) or you could get us to manufacture for you (our minimum is 10kg).
Buy Small and Give Sample
Another way you can resell is by buying fresshhh product in small quantity (1pcs), and repack it into smaller containers (like 2-3 times use amount) These are then given to your potential customers as sample.
And if they like it; they could order from you.
Again when they order; you could either DIY, or you can get us to manufacture for you in 10kg.
Both ways are doable; but if you have some funds, i prefer the second way. This way your customers don’t have commitment to purchase it from you until they like it. And when they do like it; more people will buy it and its more sustainable that way because the customers will be repeating orders.
Lets calculate whats the potential of these:
Buy in Bulk & Sell:
Bought Per pcs RM 23 (RM 230) Rebrand and resell = RM 35 (RM 350)
Get back = RM 120/ week x 4 products via Fresshhh= RM 480/ month
After sometime; you DIY, your cost gets lesser, your profit is higher (possibly RM 650/month) and this is from 10 customers only!
All you have to do then is to increase your customers to 20 people to earn RM 1300/ month of PROFIT and more.
Again; its not easy; it takes sometime. But aim to get 100 customers per month in a year; and you will be earning potentially RM 5000-6000 profit/ month. (Rm 12'000 sales/month)
Where to find these customers; look around you! With social media and your office friends; I’m sure you can find those that needs your product. Only thing is yes; you have to do your initial hard work!
But because the product is good (based on the feedback we got from our customers. If not soaplab wont be 6 years old and growing steadily); your customers will also come back every month, and thats all the people you need to sell to. Don’t need to try to be instant millionaire with this. Our aim is multiple source of income. Remember that.
But because the product is good (based on the feedback we got from our customers. If not soaplab wont be 6 years old and growing steadily); your customers will also come back every month, and thats all the people you need to sell to. Don’t need to try to be instant millionaire with this. Our aim is multiple source of income. Remember that.
Another calculation:
Buy small amount as sample:
Bought per pcs = RM 29 x 4 different product, rebrand and repackage = -Rm 50 (Total Loss= RM 166)
You gave to 50 people; 20 comes back to purchase. You DIY for these 20 (4 products) people = potential profit =RM 1300
Total profit = RM 1134/ month first month
Rinse and repeat the above, free samples to more people until you get the amount you want purchased and maintain relationship with these customers.
So as you can see; you can start this business on the side if you wanted to. But I’m really not sure why are you not doing it? Is it difficult to get 10-20 people around you to purchase from you? Of course if you try to sell to everyone; no one will buy from you. But if you sell to people who have problems that the product can solve; why not?
As you can see; every time we release fresshhh; we already outline who should and who shouldn’t purchase this product. We have already do that job for you. By following that, you can select your customers too.
So now; really whats stopping you? Is it the fear of not being able to make rm1000? Or is it you think its going to take up a lot of your time to do this? Yes it will take up some time initially.
Just like your uni degree; it took lots of learning and ‘investments’ before you landed your job. Treat this as that too! If you are new; it will definitely take time. Every income stream you create is going to take time. But it will be easier over time.
On wether its ‘worth it’ or not. Think about it for a second.
If lets say you stayed back in your job, worked harder like an hr to 2 hrs a day; is there a potential of you getting a RM 1000 salary increment in the next 6 months? If the answer is a definite yes; then do that. But if its a no; then maybe you should start thinking of another source of ‘income’.
If lets say you stayed back in your job, worked harder like an hr to 2 hrs a day; is there a potential of you getting a RM 1000 salary increment in the next 6 months? If the answer is a definite yes; then do that. But if its a no; then maybe you should start thinking of another source of ‘income’.
I hope this article helps you in figuring out your potential to make an extra rm1000 a month.
Again its not easy; and it will take some time. But its a learning process. Nothing happens overnight.
If you commit to learn this and make it sucessfull; its just a matter of time before you create more income like this. It gets easier over time. I promise; coz i did it too:-)
Again its not easy; and it will take some time. But its a learning process. Nothing happens overnight.
If you commit to learn this and make it sucessfull; its just a matter of time before you create more income like this. It gets easier over time. I promise; coz i did it too:-)
So whats the steps?
- get fresshhh. Choose from the above you can either purchase one pcs to give as sample, or buy in bulk 10pcs
- Create your own label. You can view examples of product labels here in pinterest. You can create it in photoshop/ word or if you use a mac/iphone: i use pixelmator to create label.
- Bring the label to any printer/ photocopy shop and get them to print on sticker paper.
- Cut, and stick on your product. If you were going to give as sample, get smaller containers. I found most in this insta shop. Can also get from lazada
- Start sharing in your social media or to your friends and family
- Once people purchase, keep track on their progress. Get before after picture. Or get testimonial
- Use all these; repeat until you get the number of customers you want. The idea is you must get someone who would buy a set of at least 4 product from you. Lets say total sales of rm120-150/person. That way you will need 10 customers to make rm1000++ in sales.
- If you want more; find more customers; which eventually you will. Getting your first 10customers who repurchases is the hardest. After that; by following the same formula: you can increase the number of customers. Like i said this is not going to happen overnight. Treat it like a learning curve. And after sometime you will eventually get it. Good luck!
**NEW!! You can now become Fresshhh's Reseller! Earn 16.6% Every time you sell one! Click Here
Here’s an ebook on steps to start business that you could download to help you.
Here is the Fresshhh product this week you can start with:
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